When adding transactions to your database, you have the option of adding Splits or marking the transaction as a Memo.
Neither Memos nor Splits have any impact on cash or net worth.
Split transactions are added at the bottom of each transaction type by clicking the Specify Splits button, where you’ll then receive fields for Entity, Date, and more.
If you are creating an Expense for a donation made to another committee, the general rule when it comes to which Election is to use the same election for the memo as was used for the parent Election above.
The option to mark the transaction as a Memo will be at the top.
The difference between a Split and a Memo transaction is as follows:
- Splits are parts of other transactions. The most common examples are the end vendors with credit card payments and Reimbursements, and also checks from conduits where you’re itemizing the source donations.
- Memos are standalone transactions. While they may be related to another transfer, they are not part of it. A common example would be Redesignations and donated legal services (which are not considered Inkind contributions).